Markets· August 16, 2026 at 02:00 p.m.
Bill Ackman's $5 Billion Fund Trades at a Discount as S&P 500 Soars
Key takeaways
- Pershing Square USA is trading at a 20% discount to its NAV
- The S&P 500 has grown nearly 14% year-to-date while Pershing Square USA shares have declined
- Ackman identifies the discount as the 'biggest challenge since the IPO'
Bill Ackman's Pershing Square USA fund, launched in April with an initial value of $5 billion, has underperformed the broader market since its release. Despite the S&P 500's nearly 14% year-to-date growth, Pershing Square USA shares are trading at around $40, a 20% discount to their net asset value (NAV) of $50.32. This discrepancy has been identified by Ackman as the 'biggest challenge since the IPO'.
